Widely followed crypto analyst Benjamin Cowen forecasts that Ethereum (ETH) will fall much further before its next bull market.
In a new strategy session, Cowen tells his 784,000 YouTube subscribers that before Ethereum enters a bull run, the smart contract platform will likely retest the lows within the upper and lower bounds of the regression table. logarithmic.
“The idea is that Ethereum makes these good runs from time to time, but it tends to hit home base between these bull runs. And we’ve been sitting outside of this level for a long time. To some extent, it looks like Ethereum is just teasing, in a sense, how it sits just outside the lower regression trend line.”
Cowen says that Ethereum could fall by at least 53% from its current value. Ethereum is trading at $1,626 at the time of writing.
“Now one thing I want to bring to your attention as we talk about what is the fair value that fits the ‘non-bubble data’ and it is arguably this level right here that is currently at $750, what which might make you raise an eyebrow and say, Well, wait a second, that’s lower than where we went in June. And I’m still of the opinion that Ethereum could drop lower than it did in June.”
Cowen also warns that a recession could bring new lows to crypto markets, no matter how long they have remained bearish.
“The biggest thing that a lot of people are pricing in is the idea that there won’t be any further sustained moves lower in risk assets simply because a certain amount of time has passed. But I will remind you that there are many assets, including in crypto, that can hit new lows even well after their main bear market year.
You think back to 2020, many cryptocurrencies hit new lows. I don’t think Ethereum was one of them. But it was actually pretty close. It was kind of a double bottom.”
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